“Every investor is very worried, because where is the victim? Who lost money? This is an arbitrary decision a judge made, this policy, what does this say about the bar, the legal bar in New York? Aren’t they going to question this judge? What is this? $355 million as a penalty and plus interest at 9% and no victim?”
Businesses were already fleeing the high taxes, high crime, and high prices in New York that are a result years of Democrat mismanagement.
As the governor tacitly admits, Trump is being punished for his political views and his performance in the polls in his run for president. They are coming for Trump now. Next will be anyone who donates to wrong candidates, speaks out against government policies, or is just an inviting target for a government strapped for cash.
Who would do business in New York as it embraces its status as banana republic?
Yes, the number of shell companies may well increase as assets leave the state.
COVID lockdowns showed that remote work is practical and has created an “office building apocalypse” in New York City.
Lending pressures will be exacerbated by the fact that office buildings have become less profitable since the pandemic. Persistent work-from-home trends have pushed office vacancy rates to their highest levels ever, according to the National Association of Realtors. New York City alone has around 100 million square feet of empty office space, Knakal estimated. Office Building Apocalypse to See Wave of Demolished, Converted Properties
The destruction of the credibility of the legal system is accelerating the existing trends.
Brooklyn, you don’t say? I’ve been to Brooklyn a lot in my youth, but the only way I ever step foot in there again is if I’m kidnapped. An absolute dump!! Brooklyn, Queens, and the Bronx. That’s the toilet bowl of NYC.
That said, NYC is a rotten place to do business unless . . .
unless you are rich enough to own a business or partnership.
Rich guy who can own a string of small businesses? Sure it’s fine.
Teacher, plumber, cop etc. who cannot afford that, and are limited to investing in a corporation? Well, better hope the corporation stays away from NYC.
(was just discussing this on another thread)
"In addition to the 8.5% sales tax on almost everything it sells, and paying property taxes (among the highest in the developed world), the corporation then faces
an average 25.81% US corporate tax (from above)
plus a 6.5% state corporate tax,
plus NYC local corporate tax typically 8.85%"
Guys and gals. You don’t have to do business in this state or this city. New York City will be just one. The office rent market will recover or get converted to some extent. The city and the state will be fine
If New York applies the Trump precedent and throws the book at every real estate company that has ever provided an optimistic estimate of the value of a property, they could shut down virtually every one of them.
Of course, if the Trump prosecution is just a hit job to silence a political opponent, then state officials should be prosecuted under federal law for “conspiracy against rights”:
If two or more persons conspire to injure, oppress, threaten, or intimidate any person in any State, Territory, Commonwealth, Possession, or District in the free exercise or enjoyment of any right or privilege secured to him by the Constitution or laws of the United States, or because of his having so exercised the same . . .They shall be fined under this title or imprisoned not more than ten years . . . https://www.law.cornell.edu/uscode/text/18/241
Had a high per capital GDP since any figures are retrospective.
New York City has one of the highest cost of livings in the world, and GDP is based on market prices. A burger in Manhattan may cost two or three times what the same burger would cost in a small town.
The high GDP figures include a lot of smoke and mirrors.
